Point72 Asset Management · Steve Cohen
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $62M
- Holdings
- 1942
- Top-10 weight
- 13%
- As of
- 2026-03-31
- Filed
- 2026-06-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-04-30 → 2026-03-31), modeled subset of holdings. Roughly 11% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+22.1%
Market
+16.0%
Sector
+0.4%
Subsector
+2.1%
Stock selection
+2.4%
Top holdings
1495 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | NVDA | 3.9% | $2.0B | 47% |
| 2 | AMZN | 2.7% | $1.4B | 48% |
| 3 | MSFT | 2.2% | $1.1B | 52% |
| 4 | SPOT | 1.4% | $689M | 79% |
| 5 | SE | 1.4% | $673M | 84% |
| 6 | TER | 1.1% | $548M | 49% |
| 7 | MU | 0.9% | $449M | 41% |
| 8 | MDB | 0.8% | $401M | 71% |
| 9 | ABVX | 0.8% | $392M | 86% |
| 10 | PEP | 0.7% | $359M | 57% |
| 11 | TDG | 0.7% | $338M | 79% |
| 12 | AKAM | 0.7% | $335M | 95% |
| 13 | HD | 0.7% | $335M | 55% |
| 14 | ADSK | 0.7% | $323M | 57% |
| 15 | AMD | 0.6% | $320M | 48% |
98% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-06-14.
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